SquadTrip Financial Model
Fintech Startup Financials (Free Excel Download)
All-in-one SaaS platform for SMB travel agencies to manage group trip bookings, payments, marketing, and CRM.
professionals from Deloitte
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About this model
SquadTrip is an all-in-one platform for SMB travel agencies organising group trips. It combines bookings, payments, marketing, and CRM so operators can run group travel businesses without stitching together separate booking and customer-management tools.
The company has a tiered model: a free plan with a 3% transaction fee, a $69 premium plan with a 2% fee, and further paid tiers. This gives it both recurring subscription income and a payments-like revenue stream tied to travel bookings.
The model should forecast agency customers, plan mix, users per account, booking volume, average trip value, and transaction-fee yield. Subscription MRR, payment revenue, payment costs, agency churn, and expansion through additional seats or marketing products should be tracked separately.
A turnkey financial model
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
About SquadTrip
squadtrip.com
How to build a detailed financial model for SquadTrip
A complete walkthrough of the business, drivers, and assumptions behind the downloadable SquadTrip model - distilled from its pitch deck and publicly available information.
Product & value proposition
- "Group Trips Made Easy" - sells itself to travel agencies as a tool to sell more and save time.
- All-in-one platform covering: Lead Gen, Booking Mgmt, Payments, CRM, Doc Mgmt, Communication, Marketing Hub, Website Hub, Sales Hub, Inventory.
- Traveler-facing portal plus agent portal; white-label trip pages.
- Origin story: founders ran their own travel company (CDE Antigua, ~2017), processed 3,000+ bookings and $5M in travel sales before launching SquadTrip.
Market
- Problem frame: 85,000 travel agencies losing $26B revenue/yr due to manual workflows.
- Target customer: 10,000 SMB travel agencies (US) × $10,000 avg ACV = $100M revenue opportunity.
- SAM stated as $3.8B. (Note: the slide shows both "Market Size" and "SAM" labeled as $3.8B - likely the same figure used for both, with the $100M being the near-term serviceable opportunity from 10k agencies.)
- Positioning: mid-market travel agencies; deliberately avoids large-scale (AMEX Travel, Chase Rewards) and small consumer trips.
Revenue model
- Dual revenue streams: subscription fees + variable transaction fees on bookings processed through the platform.
- Three tiers:
- Basic (Free): Booking Hub, 1 seat (+$30/mo per additional), 3% transaction fee.
- Premium ($69/mo): Booking Hub + customized styling + Marketing Hub, 2 users (+$30/mo per additional), 2% transaction fee.
- Pro ($299/mo): Full suite (Booking Hub, Website Hub, CRM Hub, Sales Hub, Marketing Hub, Communication Hub, Integration Hub), 5 users (+$20/mo per additional), 1% transaction fee.
- Avg ACV range: $2,000–$20,000; target avg ACV $10,000.
- GTM channels: (1) Partnerships with travel consortia, (2) Inbound content marketing, (3) Referral program (1 free month per successful referral).
- Channel partnerships: Q1 dedicated to standing up initial partnerships projected at $6M rev/yr.
- Ideal customer: US travel agencies with <$10M annual sales, part of a travel consortia.
Traction & metrics
- Total GMV processed: $2,400,000.
- ARR: $82,000.
- Paying subscribers: 65 (+50% MoM).
- Free-tier agencies generating revenue on platform: 127.
- Pipeline / future billable transactions: ~$700,000 (+25% MoM).
- GMV bar chart (slide 8 image): Q1-2022 ~$25k, Q2-2022 ~$200k, Q3-2022 ~$400k, Q4-2022 ~$475k, Q1-2023 ~$650k, Q2-2023 ~$1,000k (projected) - consistent with $2.4M cumulative.
- Investors: Techstars, Forum Ventures, Atento Capital.
- Prior travel business: 3,000+ trips, $5M in travel sales before founding SquadTrip.
Unit economics
- CAC: "Cost to build software, referral program, and pay founders ~$100k/mo" - stated as blended CAC description rather than a per-customer figure. No per-customer CAC given.
- Transaction fee take-rate: 1%–3% depending on tier.
Competition / moat
- Named competitors: WeTravel, Travefy, Group Collect, Youli, Travel Joy.
- Differentiators claimed: (1) Built specifically for travel agencies (not consumers); (2) UX/UI & ease of use; (3) All-in-one solution vs. point solutions.
- Competitive matrix covers: Booking Hub, Website Templates, CRM, Communication, Sales Hub - SquadTrip claims full coverage; competitors have gaps.
- Moat: founder-operator domain credibility (ran own travel company); Shopify-alum and TripAdvisor-alum advisors.
Team & funding ask / use of funds
- CEO: Darrien Watson - SaaS Product Leader.
- CTO: Stevon Judd - Engineer / Tech Architect.
- Head of Growth: Donovan Brown; Head of Sales: Dean Watkins; Product/CS: Megan Fenner; Designer: Charles Engelen; Devs: Abdul Basit, Salman Tariq.
- Advisors: Maia Benson (ex-Shopify, Growth); Maksim Magao (co-leads $500M auction at TripAdvisor).
- Team background: Tripadvisor, Travel+Noire, Shark Tank, Shopify, Techstars, Blavity, Accenture connections; 20+ years combined travel + SaaS experience.
- Round: $1.5MM pre-seed - CLOSED.
- Use of funds: 46% Team & Product Dev, 40% Marketing & BD/Sales, 14% Operations.
- Target milestones from this raise: $2.5M revenue, 600 paying subscribers, 18 months runway, then 2 years of runway by end of Q6.
- Key product milestones: Launch CRM, email features, referral tracker.
Recommended financial model
- Archetype + why: B2B SaaS + marketplace GMV model. Revenue has two distinct streams - recurring subscription MRR (tiered pricing) and transaction-fee revenue tied to GMV flowing through the platform. Both need to be modelled separately and then combined. This is the standard vertical SaaS / embedded payments archetype.
- Forecast horizon & granularity: 8 quarters (Q1–Q8) post-raise, matching the deck's own projection horizon. Monthly granularity within each quarter is preferred so cohort timing is visible; collapse to quarterly for outputs.
- Key drivers & assumptions:
| Driver | Value / Tag |
|---|---|
| Starting paying subscribers (Q1) | 65 |
| Net new paying subscribers per quarter (Q1→Q8) | ~25 → ~525 per deck chart - use as targets; interpolate intermediate quarters |
| Target paying subscribers by Q6 | 600 |
| Free-tier agencies (pipeline) | 127 at deck date; conversion rate to paid 15%/quarter - consistent with 65 paid from early funnel |
| Avg subscription revenue per paying customer (ARPU) | $150/mo - blend of $69 Premium and $299 Pro, weighted ~70%/30%; consistent with $82K ARR / 65 customers ≈ $1,262 ACV = ~$105/mo; deck implies $2k–$20k ACV so blend is likely skewed toward larger agencies over time; start at $105, grow to $200 by Q8 |
| Transaction fee take-rate (blended) | 2.0% - blend of 1%/2%/3% across tiers; start at 2.5% (more free/basic early), compress to 2.0% as Premium/Pro mix grows |
| GMV per paying agency per quarter | $9,000 - implied by $2.4M GMV across ~65 paying + 127 free users; paying agencies likely process 2–3x more; refine once cohort data available |
| Monthly burn | ~$100k/mo |
| Runway from $1.5MM raise | 18 months |
| Revenue target (end of raise deployment) | $2.5M total |
| Churn rate | 3%/month on paying subs - no churn figure in deck; use 3% as conservative SaaS benchmark for early-stage vertical software |
| Gross margin on subscription | 70% - typical for vertical SaaS at this stage; no COGS breakdown in deck |
| Gross margin on transaction fees | 80% - platform take with minimal incremental cost |
| Sales & Marketing % of revenue | 40% (matches use-of-funds allocation) - declining as referral flywheel matures |
| R&D / Product % of revenue | 35% in early quarters, declining to 25% as team stabilises |
- Scenarios (Base / Bull / Bear - which variables flex):
- Base: Net new subs per quarter follows deck's own Q1–Q8 chart; 3% monthly churn; blended ARPU $105 growing to $175 by Q8; GMV per agency grows 10%/quarter.
- Bull: Subscriber growth 20% faster (channel partnerships hit); churn 2%/month; ARPU ramp to $250 driven by Pro tier adoption; GMV/agency 15%/quarter growth.
- Bear: Subscriber growth 30% slower; churn 5%/month; ARPU flat at $105; GMV/agency flat. Tests whether $1.5MM runway holds without hitting $2.5M target.
- Required sheets / outputs:
- Assumptions - all toggleable drivers in one place; scenario switcher (Base/Bull/Bear).
- Subscribers - cohort waterfall: new subs added per quarter, churn out, net subscribers, cumulative; split by tier (Basic/free, Premium, Pro).
- Revenue - subscription MRR × subscriber count + transaction fee revenue (GMV × take-rate); monthly, collapsed to quarterly.
- GMV - gross bookings volume by quarter (actuals Q1-2022–Q1-2023 from slide 8 image; projected Q2-2023 onward).
- P&L - Revenue, COGS (hosting, payment processing), Gross Profit, S&M, R&D, G&A, EBITDA.
- Cash & Runway - opening cash ($1.5M), monthly burn vs. revenue, months of runway remaining; flags zero-cash date.
- KPI Dashboard - ARR, paying subscribers, GMV, MoM growth rates, blended ARPU, net revenue retention (placeholder), burn multiple.
- Sensitivity - Subscribers vs. ARPU → ARR; Churn vs. Conversion rate → runway months.
Frequently asked
Is the SquadTrip financial model free?+
Yes. The SquadTrip model is a free Excel (.xlsx) download with live formulas. Sign up with your email and the workbook is yours to keep, review, and edit.
What's included in the model?+
A 5-year monthly forecast with P&L, cash flow and runway, valuation (exit multiple plus a DCF cross-check), MOIC/IRR returns, and unit economics, with live formulas throughout.
How was this model built?+
It was built from SquadTrip's pitch deck and publicly available information, then structured to investment-banking standards as a fully editable Excel model.
Can I change the assumptions?+
Yes. You can change assumptions and the live formulas will recalculate in the downloadable Excel model.
Have more financial modelling questions? Contact us
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